Wilmington-based PPD, one of the world's largest pharmaceutical services companies, has exercised its option to acquire the rest of drug-discovery company X-Chem.
Financial details weren't disclosed.
PPD, which also is a major employer in the Triangle, acquired a controlling interest in Massachusetts-based X-Chem in October 2010. As part of that deal, it also gained the rights to acquire the rest of the business up to the end of next month.
PPD hailed X-Chem "as one of the top small molecule drug discovery companies in the biotechnology industry." Since 2010, X-Chem has forged partnerships with a number of major pharmaceutical companies, including AstraZeneca, Bayer, Pfizer and Roche.
PPD is a contract research organization that helps pharmaceutical and biotechnology companies conduct the extensive tests on experimental medicines that government regulators require before they will consider approving a drug. It has more than 13,000 employees worldwide.